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We respond to the latest Bank of England Money and Credit Statistics

New figures from StepChange Debt Charity show over 405,000 more people got in severe problem debt1 in the last 9 months of 2017, amounting to 3.3 million GB adults2.

Peter Tutton, Head of Policy at StepChange Debt Charity, said:

"Whilst the steady growth in consumer credit does not necessarily indicate a debt ticking timebomb, the number of households tipped into severe problem debt is on the rise.

"With January still the busiest period for debt advice, those already falling behind with essential bills and credit repayments need better support.

"As the Treasury has committed to introducing a Breathing Space scheme to help people manage problem debt, it’s crucial government get this right so that debt advice charities can provide people the best chance of recovery and get their lives back on track."

Notes to Editors

Severe problem debt is defined as showing 3 or more signs of financial difficulty. The following are considered to be signs of financial difficulty: making minimum repayments on credit commitments for three months or more; falling behind on essential bills, using credit to pay essential bills; using credit to keep up with credit commitments; using credit to make it through to payday; getting hit with overdraft or late payment charges on a regular basis.

StepChange Debt Charity analysis of YouGov online survey. Total sample size was 5,052 adults. Fieldwork was undertaken between 13th - 18th December 2017. The figures have been weighted and are representative of all GB adults (aged 18+).

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*This is the average rating of our service based on the StepChange reviews on Feefo by DMP and DRO clients three months into their solution.